BTCUSD index: short term buying opportunity

There is a possible 5 week uptrend setup in the making.
See the analysis on the chart, upside targets are 444.86 and 472.24.
If the setup were to fail to reach these in 5 weeks, bias would be bearish , and would suggest a decline
into the 340.70 as first target, little support below that level.

Week 1 showed little directional push to the up side.
We might see a failure on the bullish side this time, shorting opportunities are likely to appear.
I'm keeping my eyes on BTC, but not holding my breath. The recent bearish events on the daily and 4h timeframes may just be part of a more complex sideways correction, so I'm not discarding the possibility of testing higher highs before continuing with the decline.

Additional information can be found here: https://www.okcoin.com/future/market.do?symbol=2
It's worth mentioning that the okcoin futures trading volume has risen considerably, and trading those contracts involves holding BTC, so that is inherently a bullish sign.

https://www.okcoin.com/future/futureTop.do?type=1&symbol=0 - 68% of the positions are long.